Will Congress put a stop to Facebook's Libra?

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04 Jul 2019

Will Congress put a stop to Facebook's Libra?

Dado Ruvić - Reuters

The US Congress has asked Facebook to pause development onits Libracryptocurrency until lawmakers have had more time to investigate the ramifications of the company’s actions.

In a letter from the Democratic heads of the house committee on financial services and its subcommittees, the legislators ask the company to “immediately cease implementation plans”.

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,” the letter says.

“During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so risks a new Swiss-based financial system that is too big to fail.”

Full story here: https://www.theguardian.com/technology/2019/jul/03/libra-us-congress-asks-facebook-pause-development-cryptocurrency

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